Welcome to our dedicated page for Senmiao Technology news (Ticker: AIHS), a resource for investors and traders seeking the latest updates and insights on Senmiao Technology stock.
Senmiao Technology Limited (Nasdaq: AIHS) is a holding company headquartered in Chengdu, Sichuan Province, China. The company operates through two main segments: Automobile Transaction and Related Services and Online Ride-hailing Platform Services. It generates the majority of its revenue from the Automobile Transaction and Related Services segment.
Senmiao offers a wide range of services including the sale of automobiles, facilitation and services for automobile purchases and financing, management, operating leases, guarantees, and other automobile transaction services. Additionally, Senmiao operates its own online ride-hailing platform, which has become a notable player in the growing online ride-hailing market in China. The platform is operational in major cities such as Chengdu, Changsha, and Guangzhou.
Since launching its online ride-hailing platform in October 2020, Senmiao has completed over 26 million rides, including rides completed on partner platforms. The company partners with top-tier platforms like Gaode, utilizing a model where orders from these partner platforms are completed by Senmiao's network of drivers. Senmiao earns commissions based on the value of each completed order.
In recent developments, Senmiao has signed various strategic cooperation agreements to bolster its capabilities and expand its market reach. These partnerships include collaborations with companies like Zhongfu Wuyou, Heilongjiang Kunrui Financing Guarantee, Sichuan Xingyuan Ronghe New Energy, and Anhui Lianma Technology. These agreements aim to enhance Senmiao's operational support, driver management, and financial services, while also exploring new technologies like AI-driven applications to improve user experience.
Financially, Senmiao reported revenues of $1.8 million in Q2 2024, with notable improvements in gross profit and reduced operational losses. The company continues to focus on cost-cutting measures and increasing efficiency, aiming to sustain its financial health amid increased competition and regulatory checks.
Senmiao's commitment to compliance and service quality has been recognized with a Triple-A rating in Changsha for its service quality and reputation in the ride-hailing industry. Moreover, Senmiao recently regained compliance with the Nasdaq minimum bid price listing requirement, ensuring its continued presence on the Nasdaq stock exchange.
Senmiao Technology Limited (Nasdaq: AIHS) reported key operating metrics for its online ride-hailing platform for February 2021. The company experienced a sequential decline in completed rides and active drivers during mid-February, attributed to the Lunar New Year holiday. However, ride numbers rebounded in the final week of February. Cumulatively, over 2.9 million rides have been completed since launch, with approximately 710,000 rides in February alone. Active drivers grew by 16% month-over-month. Notably, 32% of active drivers also lease vehicles from Senmiao, showcasing cross-selling success.
Senmiao Technology Limited (NASDAQ: AIHS) has ordered an additional 200 electric vehicles (EVs) from BYD Company Limited, following a framework agreement to enhance its ride-hailing operations in Chengdu, China. The initial 100 vehicles are set for delivery next week. This order marks a total of 1,200 EVs ordered from BYD with plans for 5,000 in 2020-2021. Senmiao aims to provide financial and leasing options for drivers, addressing growing demand in the EV market for ride-hailing services. The company has reported over 910,000 completed rides since launching its platform in late 2020.
Senmiao Technology Limited (Nasdaq: AIHS) announced its fiscal Q3 results for 2021, revealing total revenues of $1.64 million, down from $2.75 million year-over-year, largely due to COVID-19's impact on the ride-hailing market. The company launched its online ride-hailing platform in Chengdu and Changsha, facilitating over 2.2 million rides. Despite a gross loss of $155,265 and a net loss of $3.67 million, Senmiao reported sequential revenue growth and expects continued improvement as market conditions recover. The firm raised $7 million through a registered direct offering to fund growth initiatives.
Senmiao Technology Limited (Nasdaq: AIHS) has successfully closed a registered direct offering of 5,072,465 shares at $1.38 each, raising $7.0 million in gross proceeds. Post-offering, the company has approximately 49.3 million common shares outstanding. The funds will support the expansion of its business, including purchasing automobiles and enhancing its online ride-hailing platform. FT Global Capital acted as the exclusive placement agent for this offering.
On February 8, 2021, Senmiao Technology Limited (Nasdaq: AIHS) announced a registered direct offering of 5,072,465 shares of common stock at $1.38 per share, aiming for gross proceeds of $7.0 million. The offering is set to close around February 10, 2021, subject to standard conditions. The funds will be utilized for business expansion, including vehicle purchases and enhancements to its online ride-hailing platform. FT Global Capital, Inc. is acting as the exclusive placement agent for this transaction.
Senmiao Technology Limited (NASDAQ: AIHS) has signed a strategic cooperation agreement with Shanghai Lutuan Technology, affiliated with Meituan, to expand their partnership in China. This agreement follows initial successes in Chengdu and aims to enhance Senmiao's online ride-hailing services, especially in Guangzhou. Senmiao will offer a total solution for ride-hailing drivers, including financing and safety features. The company earns commissions on completed orders distributed to registered drivers through the Meituan application, which boosts its service visibility and growth potential.
Senmiao Technology Limited (NASDAQ: AIHS) announced a strategic cooperation agreement with Chengdu Xingchong New Energy Technology Co., Ltd., a subsidiary of Star Charge, a top electric vehicle charging operator in China. This partnership aims to provide Senmiao's ride-hailing drivers with preferential rates at Chengdu Xingchong charging stations and develop joint solutions for EVs. Star Charge operates over 100,000 charging terminals across 226 cities, showcasing strong infrastructure. The collaboration is expected to enhance both companies' business prospects in the growing environmentally friendly market in China.
Senmiao Technology Limited (NASDAQ: AIHS) has placed a second order for 500 electric vehicles (EVs) from BYD Company Limited, expecting delivery by March 2021. This follows an initial order for 500 units in November 2020 as part of a framework agreement aimed at boosting the online ride-hailing market in China. The company anticipates financing these vehicles through cash reserves and collaboration funds with BYD. The expansion aims to strengthen their position in Changsha's ride-hailing sector, with over 1.3 million rides recorded in Q4 2020.
Senmiao Technology Limited (Nasdaq: AIHS) reported a significant uptick in operational metrics for its ride-hailing platform, XXTX, in December 2020. The company achieved over 620,000 completed rides that month, totaling approximately $1.86 million in gross order amounts. With a cumulative total of 1.3 million rides since its launch in October 2020, the platform has shown a remarkable average monthly growth rate of 96% in completed orders and 66% in active drivers. Notably, around 19% of active drivers also lease cars through Senmiao.
Senmiao Technology Limited (Nasdaq: AIHS) announced the launch of its online ride-hailing platform, Xixingtianxia, in Changsha, China, following its initial launch in Chengdu. This strategic move targets a city with a population of approximately 8 million, enhancing Senmiao's presence in the growing ride-hailing market. Recent collaborations with platforms like Gaode Map and Meituan, along with agreements for purchasing electric vehicles from BYD Company, further bolster its service offerings. CEO Xi Wen expressed optimism about market recovery despite COVID-19 uncertainties.
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